Set up T-accounts and enter the beginning balances from December 31, 2021, post closing trail balances for SMC. Post all current year journal entries to T-accounts. Also 3-7 on the bottom please

SMC, Inc. Balance Sheet December 31, 2021 Assets $34,500 25,000 10,000 200 Liabilities: 569.700 Accounts payable Salaries payable Income taxes payable Total liabilities. Stockholders' equity: \begin{tabular}{lr} Capital stock (10,000 shares outstanding) _._ & $25,000 \\ Retained earnings & 28.025 \\ \hline \end{tabular} Total stockholders' equity 28.025 Total liabilities and stockholders' equity. $69,70053,025 SMC, Inc. Income Statement For the Year Ended December31,2021 SMC, Inc. Post-Closing Trial Balance December 31, 2021 a. Issued 10,000 additional shares of common stock for $60,000 oash on January 15t. b. Borrowed $50,000 on March 1,2022, from Downtown Bank as a long-term loan. The interest rate on the loan is 4% and interest for the year is payable on January 1,2023. 0. Paid $12,000 cash on April1 to lease a bullding for one year. d. Recelved $6,000 on May 1 from a tenant for one year's rent. 6. Pald $4,200 on June 1 for a one-year insurance policy, 1. Purchased $3,700 of supplies for cash on June 15 th. 8. Purchased inventory for $125,000 on account on July 1 . h. August 1, sold inventory for $185,000 on account; cost of the merchandise sold was $120,000. 1. Collected $145,000 cash from customers' accounts recelvable on August 20 th. 1. September 1. Paid $95,000 cash tor inventories purchased earlier during the year. k. September 20 paid $34,000 for sales reps'salaries, Including $1,000 owed at the beginning of 2021. 1. Dividends for $9,500 were paid on October 20 th. m. The income taxes payable for the year of 2021 were paid on November 15 th. f. For adjustingentries, allprepald expenses are initially recorded as assets, and all unearned revenues are initially recorded as liabllities (this is Justinformational). Q. Atyear-end, \$1,050 worth of supplies are on hand. p. At year-end, an additiona159.500 of sales salaries are owed, but have not yet been paid. 4. Prepare an adjusting entry to recognize the taxes owed for 2022. The corporate tax rate is 21% of the income before income taxes. You are asked to do the following on an excel, spreadsheet: 1. Journalizethe transactionsfor the currentyear, 2022, using the chart of accounts listed on the excel spreadsheet provided for the project. 2. Set up T-accounts and enter the beginning baiances fram the December 31, 2021, post-closingr trial balance for SMC. Post all current year journat entries to the Taccounts. 3. Journalize and post any necessary adjusting entries at the end of 2022 . (Hint: items b,c,d,e,a,p, and q require adjustment.) 4. After the adjusting entries are posted, prepare an adjusted trial balance, an income statement. statement of cetained earnings and a balance sheet for 2022 . The format of your statements should mirrot those prepared by the companyin 2021 5. Journalize and post-closing entries for 2022 and prepare a post-closing trial baiance. 6. Compute the Current Ratio and Debt to Total Equity Ratio for 2021 and 2022 7. Interpretive Question: What is your overall assessment of the financial health of SMC, inc.? Use the Word Document provided to answer this